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LG Pay Headed to United States

January 17, 2018, Written By Lynn Oldshue

LG Electronics said it plans to launch LG Pay in the United States during the first half of 2018, according to Yonhap News Agency.

The mobile payment system, which will be released as LG Wallet in America, will work like Apple Pay or any other similar service. To pay for a goods, you will tap your phone at eligible payment terminals and follow the instructions on your mobile device to complete the transaction. With Apple Pay, you just need to tap your phone and use your fingerprint or FaceID to approve the payment.

Mobile payments are more secure than traditional credit card payments, but will LG owners use LG Wallet? Inititally at least, adoption will likely be low.

First, there are relatively few LG owners in the United States compared to the more popular iPhone, and few iPhone users have adopted mobile payments. In 2017, there were 32 million LG smartphone owners in America compared to over 90 million iPhone owners. According to PYMNTS.com, only about 25% of Apple users have tried mobile payments. For those who have not tried Apple Pay, 37% said they were satisfied with their current payment method, and 31% said they were not sure how it worked.

With this low Apple Pay adoption rate, it does not appear LG Wallet will see massive market penetration immediately. Until mobile payments become accepted everywhere in the United States, it seems as if most people will continue to use their familiar credit cards. In addition, it is unlikely retailers will pay to update their point-of-sale systems if consumers are not clamoring for the option.

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*Editorial Note: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer affiliate program. See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information, however all credit card information is presented without warranty. After you click on an offer you will be directed to the credit card issuer's web site where you can review the terms and conditions for your offer.

Advertiser Disclosure: LowCards.com is an independent, for-profit website. LowCards.com participates in a paid affiliate network and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site.

LowCards.com does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.